Malaysia’s exports show signs of weakness

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The YM Bamboo, a container ship operated by the China Ocean Shipping Company (COSCO) is docked at the Port of Oakland in Oakland, California in this file photoMalaysia’s exports in May 2013 fell an unexpected 5.8 per cent to $17.8 billion from a year ago, which was below the consensus forecast of a 3 per cent decline. Most of all, exports of palm oil, crude oil and electrical and electronic products fell.

According to the country’s statistics office, the decline in exports happened mainly in trade to the markets of ASEAN, India and Japan, but also of Qatar and Saudi Arabia. The May result was a fourth consecutive monthly contraction.

Exports of electrical and electronics products, which account for about a third of total exports, fell 2.2 per cent year-on-year in May, mainly due to lower demand from the US and China. Exports to the EU fell 5.3 per cent in the same period on lower demand for palm oil.

As for imports, there was a 2.3 per cent decline to $17 billion from a year ago compared to consensus expectations of a 2.9 per cent increase. However, the trade surplus remained intact.

Malaysia’s economy in general expanded at a much slower pace of 4.1 per cent in the first quarter of the year on slowing government spending and weaker external demand.

 

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Reading Time: 1 minute

Malaysia’s exports in May 2013 fell an unexpected 5.8 per cent to $17.8 billion from a year ago, which was below the consensus forecast of a 3 per cent decline. Most of all, exports of palm oil, crude oil and electrical and electronic products fell.

Reading Time: 1 minute

The YM Bamboo, a container ship operated by the China Ocean Shipping Company (COSCO) is docked at the Port of Oakland in Oakland, California in this file photoMalaysia’s exports in May 2013 fell an unexpected 5.8 per cent to $17.8 billion from a year ago, which was below the consensus forecast of a 3 per cent decline. Most of all, exports of palm oil, crude oil and electrical and electronic products fell.

According to the country’s statistics office, the decline in exports happened mainly in trade to the markets of ASEAN, India and Japan, but also of Qatar and Saudi Arabia. The May result was a fourth consecutive monthly contraction.

Exports of electrical and electronics products, which account for about a third of total exports, fell 2.2 per cent year-on-year in May, mainly due to lower demand from the US and China. Exports to the EU fell 5.3 per cent in the same period on lower demand for palm oil.

As for imports, there was a 2.3 per cent decline to $17 billion from a year ago compared to consensus expectations of a 2.9 per cent increase. However, the trade surplus remained intact.

Malaysia’s economy in general expanded at a much slower pace of 4.1 per cent in the first quarter of the year on slowing government spending and weaker external demand.

 

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